☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Oklahoma
|
20-0763496
|
|
( State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1039 N.W. 63rd Street
|
73116-7361
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 Par Value Per Share
|
BSVN
|
NASDAQ Global Select Market System
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒ (Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☒
|
Page
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
||
2
|
||
3
|
||
4
|
||
5
|
||
6
|
||
Item 2.
|
27
|
|
Item 3.
|
50 | |
Item 4.
|
50 | |
PART II.
|
OTHER INFORMATION
|
50 |
Item 1.
|
50 | |
Item 1A.
|
51
|
|
Item 2.
|
51 | |
Item 6.
|
51 | |
52 |
Assets
|
September
30, 2020
(unaudited)
|
December
31, 2019
|
||||||
Cash and due from banks
|
$
|
60,718
|
$
|
117,128
|
||||
Interest-bearing time deposits in other banks
|
23,384
|
30,147
|
||||||
Loans, net of allowance for loan losses of $11,131 and $7,846 at September 30, 2020 and December 31, 2019, respectively
|
869,448
|
699,458
|
||||||
Loans held for sale, at fair value
|
315
|
1,031
|
||||||
Premises and equipment, net
|
9,387
|
9,624
|
||||||
Nonmarketable equity securities
|
1,165
|
1,100
|
||||||
Goodwill and other intangibles, net
|
1,634
|
1,789
|
||||||
Interest receivable and other assets
|
7,303
|
6,115
|
||||||
Total assets
|
$
|
973,354
|
$
|
866,392
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
272,008
|
$
|
219,221
|
||||
Interest-bearing
|
591,661
|
538,262
|
||||||
Total deposits
|
863,669
|
757,483
|
||||||
Income taxes payable
|
565
|
357
|
||||||
Interest payable and other liabilities
|
3,890
|
8,426
|
||||||
Total liabilities
|
868,124
|
766,266
|
||||||
Shareholders’ equity
|
||||||||
Preferred stock, par value $0.01 per share, 1,000,000
shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Common stock, non-voting, par value $0.01 per share,
20,000,000 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; shares
issued and outstanding: 9,241,689 and 10,057,506, at
September 30, 2020 and December 31, 2019 respectively
|
92
|
101
|
||||||
Additional paid-in capital
|
92,960
|
92,391
|
||||||
Retained earnings
|
12,178
|
7,634
|
||||||
Total shareholders’ equity
|
105,230
|
100,126
|
||||||
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
973,354
|
$
|
866,392
|
Three months ended
September 30, |
Nine months ended
September 30, |
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
$
|
12,777
|
$
|
12,179
|
$
|
39,268
|
$
|
35,902
|
||||||||
Interest-bearing time deposits in other banks
|
123
|
500
|
419
|
1,414
|
||||||||||||
Interest-bearing deposits in other banks
|
26
|
392
|
303
|
1,398
|
||||||||||||
Total interest income
|
12,926
|
13,071
|
39,990
|
38,714
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,325
|
2,471
|
5,028
|
7,178
|
||||||||||||
Total interest expense
|
1,325
|
2,471
|
5,028
|
7,178
|
||||||||||||
Net Interest Income
|
11,601
|
10,600
|
34,962
|
31,536
|
||||||||||||
Provision for Loan Losses
|
1,250
|
-
|
3,300
|
-
|
||||||||||||
Net Interest Income After Provision for Loan Losses
|
10,351
|
10,600
|
31,662
|
31,536
|
||||||||||||
Noninterest Income
|
||||||||||||||||
Secondary market income
|
57
|
69
|
134
|
146
|
||||||||||||
Service charges on deposit accounts
|
104
|
110
|
318
|
279
|
||||||||||||
Other
|
173
|
330
|
513
|
602
|
||||||||||||
Total noninterest income
|
334
|
509
|
965
|
1,027
|
||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries and employee benefits
|
2,505
|
14,256
|
7,576
|
18,792
|
||||||||||||
Furniture and equipment
|
224
|
229
|
658
|
606
|
||||||||||||
Occupancy
|
543
|
436
|
1,417
|
1,157
|
||||||||||||
Data and item processing
|
276
|
276
|
821
|
814
|
||||||||||||
Accounting, marketing and legal fees
|
135
|
218
|
338
|
507
|
||||||||||||
Regulatory assessments
|
164
|
31
|
281
|
94
|
||||||||||||
Advertising and public relations
|
62
|
71
|
360
|
349
|
||||||||||||
Travel, lodging and entertainment
|
50
|
153
|
146
|
287
|
||||||||||||
Other
|
625
|
402
|
1,463
|
1,269
|
||||||||||||
Total noninterest expense
|
4,584
|
16,072
|
13,060
|
23,875
|
||||||||||||
Income (Loss) Before Taxes
|
6,101
|
(4,963
|
)
|
19,567
|
8,688
|
|||||||||||
Income tax expense
|
1,661
|
1,556
|
5,040
|
4,965
|
||||||||||||
Net Income (Loss)
|
$
|
4,440
|
$
|
(6,519
|
)
|
$
|
14,527
|
$
|
3,723
|
|||||||
Earnings per common share - basic
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
|||||||
Earnings per common share - diluted
|
0.48
|
(0.64
|
)
|
1.53
|
0.37
|
|||||||||||
Weighted average common shares outstanding - basic
|
9,228,128
|
10,149,007
|
9,483,540
|
10,174,528
|
||||||||||||
Weighted average common shares outstanding - diluted
|
9,228,128
|
10,161,778
|
9,483,540
|
10,176,360
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30, |
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Common Stock (Shares)
|
||||||||||||||||
Balance at beginning of period
|
9,226,252
|
10,187,500
|
10,057,506
|
10,187,500
|
||||||||||||
Shares issued for restricted stock units
|
19,437
|
19,431
|
19,437
|
19,431
|
||||||||||||
Shares acquired and canceled
|
(4,000
|
)
|
(149,425
|
)
|
(835,254
|
)
|
(149,425
|
)
|
||||||||
Balance at end of period
|
9,241,689
|
10,057,506
|
9,241,689
|
10,057,506
|
||||||||||||
Common Stock (Amount)
|
||||||||||||||||
Balance at beginning of period
|
$
|
92
|
$
|
102
|
$
|
101
|
$
|
102
|
||||||||
Shares acquired and canceled
|
-
|
(1
|
)
|
(9
|
)
|
(1
|
)
|
|||||||||
Balance at end of period
|
$
|
92
|
$
|
101
|
$
|
92
|
$
|
101
|
||||||||
|
||||||||||||||||
Additional Paid-in Capital
|
||||||||||||||||
Balance at beginning of period
|
$
|
92,762
|
$
|
80,604
|
$
|
92,391
|
$
|
80,275
|
||||||||
Stock-based compensation expense
|
198
|
11,749
|
569
|
12,078
|
||||||||||||
Balance at end of period
|
$
|
92,960
|
$
|
92,353
|
$
|
92,960
|
$
|
92,353
|
||||||||
Retained Earnings
|
||||||||||||||||
Balance at beginning of period
|
$
|
8,765
|
$
|
18,331
|
$
|
7,634
|
$
|
8,089
|
||||||||
Net income (loss)
|
4,440
|
(6,519
|
)
|
14,527
|
3,723
|
|||||||||||
Common stock acquired and canceled
|
(103
|
)
|
(2,645
|
)
|
(7,210
|
)
|
(2,645
|
)
|
||||||||
Cash dividends declared ($0.10 per share)
|
(924
|
)
|
(1,006
|
)
|
(2,773
|
)
|
(1,006
|
)
|
||||||||
Balance at end of period
|
$
|
12,178
|
$
|
8,161
|
$
|
12,178
|
$
|
8,161
|
||||||||
Total shareholders’ equity
|
$
|
105,230
|
$
|
100,615
|
$
|
105,230
|
$
|
100,615
|
For the Nine Months Ended
September 30,
|
||||||||
2020
|
2019
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
14,527
|
$
|
3,723
|
||||
Items not requiring (providing) cash
|
||||||||
Depreciation and amortization
|
815
|
651
|
||||||
Provision for loan losses
|
3,300
|
-
|
||||||
Gain on sales of loans
|
(134
|
)
|
(146
|
)
|
||||
Stock-based compensation expense
|
569
|
12,078
|
||||||
Loss on sale of premises and equipment
|
-
|
182
|
||||||
Cash receipts from the sale of loans originated for sale
|
6,922
|
6,767
|
||||||
Cash disbursements for loans originated for sale
|
(6,072
|
)
|
(6,109
|
)
|
||||
Gain on sale of other real estate owned
|
-
|
(362
|
)
|
|||||
Deferred income tax (benefit) expense
|
(780
|
)
|
176
|
|||||
Changes in
|
||||||||
Interest receivable and other assets
|
(408
|
)
|
785
|
|||||
Interest payable and other liabilities
|
(223
|
)
|
(3,076
|
)
|
||||
Net cash provided by operating activities
|
18,516
|
14,669
|
||||||
Investing Activities
|
||||||||
Maturities of interest-bearing time deposits in other banks
|
21,190
|
12,606
|
||||||
Purchases of interest-bearing time deposits in other banks
|
(14,427
|
)
|
(12,737
|
)
|
||||
Net change in loans
|
(173,290
|
)
|
(74,755
|
)
|
||||
Purchases of premises and equipment
|
(423
|
)
|
(1,697
|
)
|
||||
Proceeds from sale of premises and equipment
|
-
|
377
|
||||||
Change in nonmarketable equity securities
|
(65
|
)
|
(17
|
)
|
||||
Proceeds from sale of foreclosed assets
|
-
|
473
|
||||||
Net cash used in investing activities
|
(167,015
|
)
|
(75,750
|
)
|
||||
Financing Activities
|
||||||||
Net change in deposits
|
106,186
|
46,231
|
||||||
Cash distributions
|
(6,878
|
)
|
-
|
|||||
Common stock acquired and canceled
|
(7,219
|
)
|
(2,646
|
)
|
||||
Net cash provided by financing activities
|
92,089
|
43,585
|
||||||
Increase (Decrease) in Cash and Due from Banks
|
(56,410
|
)
|
(17,496
|
)
|
||||
Cash and Due from Banks, Beginning of Period
|
117,128
|
128,090
|
||||||
Cash and Due from Banks, End of Period
|
$
|
60,718
|
$
|
110,594
|
||||
Supplemental Disclosure of Cash Flows Information
|
||||||||
Interest paid
|
$
|
5,301
|
$
|
6,912
|
||||
Income taxes paid
|
$
|
5,498
|
$
|
5,458
|
||||
Dividends declared and not paid
|
$
|
924
|
$
|
1,006
|
||||
Non-cash stock contribution
|
$
|
-
|
$
|
11,627
|
||||
Supplemental Disclosure of Non-Cash Investing Activities
|
||||||||
Foreclosed assets acquired in settlement of loans
|
$
|
-
|
$
|
78
|
Note 1: |
Nature of Operations and Summary of Significant Accounting Policies
|
Note 2: |
Restriction on Cash and Due from Banks
|
Note 3: |
Earnings Per Share
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
Numerator
|
||||||||||||||||
Net income (loss)
|
$
|
4,440
|
$
|
(6,519
|
)
|
$
|
14,527
|
$
|
3,723
|
|||||||
Denominator
|
||||||||||||||||
Weighted-average shares outstanding for basic earnings per share
|
9,228,128
|
10,149,007
|
9,483,540
|
10,174,528
|
||||||||||||
Dilutive effect of stock compensation (1)
|
-
|
12,771
|
-
|
1,832
|
||||||||||||
Denominator for diluted earnings per share
|
9,228,128
|
10,161,778
|
9,483,540
|
10,176,360
|
||||||||||||
Earnings per common share
|
||||||||||||||||
Basic
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
|||||||
Diluted
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
Note 4: |
Loans and Allowance for Loan Losses
|
|
September 30,
|
December 31,
|
||||||
|
2020
|
2019
|
||||||
|
||||||||
Construction & development
|
$
|
108,453
|
$
|
70,628
|
||||
1 - 4 family real estate
|
31,113
|
34,160
|
||||||
Commercial real estate - other
|
282,447
|
273,278
|
||||||
Total commercial real estate
|
422,013
|
378,066
|
||||||
|
||||||||
Commercial & industrial
|
400,378
|
260,762
|
||||||
Agricultural
|
50,578
|
57,945
|
||||||
Consumer
|
10,253
|
11,895
|
||||||
|
||||||||
Gross loans
|
883,222
|
708,668
|
||||||
|
||||||||
Less allowance for loan losses
|
(11,131
|
)
|
(7,846
|
)
|
||||
Less deferred loan fees
|
(2,643
|
)
|
(1,364
|
)
|
||||
|
||||||||
Net loans
|
$
|
869,448
|
$
|
699,458
|
Construction &
Development
|
1 - 4 Family
Commercial
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
1,086
|
$
|
349
|
$
|
3,358
|
$
|
4,380
|
$
|
579
|
$
|
126
|
$
|
9,878
|
||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(1
|
)
|
(1
|
)
|
|||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
4
|
-
|
-
|
4
|
|||||||||||||||||||||
Net recoveries
|
-
|
-
|
-
|
4
|
-
|
(1
|
)
|
3
|
||||||||||||||||||||
Provision (credit) for loan losses
|
281
|
43
|
202
|
662
|
58
|
4
|
1,250
|
|||||||||||||||||||||
Balance, end of period
|
$
|
1,367
|
$
|
392
|
$
|
3,560
|
$
|
5,046
|
$
|
637
|
$
|
129
|
$
|
11,131
|
Construction &
Development
|
1 - 4 Family
Commercial
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
1,031
|
$
|
448
|
$
|
2,329
|
$
|
3,171
|
$
|
695
|
$
|
162
|
$
|
7,836
|
||||||||||||||
Charge-offs
|
-
|
(2
|
)
|
-
|
-
|
-
|
-
|
(2
|
)
|
|||||||||||||||||||
Recoveries
|
-
|
1
|
-
|
6
|
-
|
-
|
7
|
|||||||||||||||||||||
Net recoveries
|
-
|
(1
|
)
|
-
|
6
|
-
|
-
|
5
|
||||||||||||||||||||
Provision (credit) for loan losses
|
(234
|
)
|
(99
|
)
|
618
|
(248
|
)
|
(16
|
)
|
(21
|
)
|
-
|
||||||||||||||||
Balance, end of period
|
$
|
797
|
$
|
348
|
$
|
2,947
|
$
|
2,929
|
$
|
679
|
$
|
141
|
$
|
7,841
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
782
|
$
|
378
|
$
|
3,025
|
$
|
2,887
|
$
|
642
|
$
|
132
|
$
|
7,846
|
||||||||||||||
Charge-offs
|
-
|
-
|
-
|
(39
|
)
|
-
|
(1
|
)
|
(40
|
)
|
||||||||||||||||||
Recoveries
|
-
|
2
|
-
|
13
|
10
|
-
|
25
|
|||||||||||||||||||||
Net charge-offs
|
-
|
2
|
-
|
(26
|
)
|
10
|
(1
|
)
|
(15
|
)
|
||||||||||||||||||
Provision (credit) for loan losses
|
585
|
12
|
535
|
2,185
|
(15
|
)
|
(2
|
)
|
3,300
|
|||||||||||||||||||
Balance, end of period
|
$
|
1,367
|
$
|
392
|
$
|
3,560
|
$
|
5,046
|
$
|
637
|
$
|
129
|
$
|
11,131
|
Construction &
|
1 - 4 Family
|
Commercial
Real Estate -
|
Commercial
|
|
||||||||||||||||||||||||
Development
|
Real Estate
|
Other
|
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
1,136
|
$
|
433
|
$
|
2,035
|
$
|
3,231
|
$
|
818
|
$
|
179
|
$
|
7,832
|
||||||||||||||
Charge-offs
|
-
|
(2
|
)
|
-
|
(4
|
)
|
(11
|
)
|
-
|
(17
|
)
|
|||||||||||||||||
Recoveries
|
-
|
3
|
-
|
20
|
3
|
-
|
26
|
|||||||||||||||||||||
Net recoveries
|
-
|
1
|
-
|
16
|
(8
|
)
|
-
|
9
|
||||||||||||||||||||
Provision (credit) for loan losses
|
(339
|
)
|
(86
|
)
|
912
|
(318
|
)
|
(131
|
)
|
(38
|
)
|
-
|
||||||||||||||||
Balance, end of period
|
$
|
797
|
$
|
348
|
$
|
2,947
|
$
|
2,929
|
$
|
679
|
$
|
141
|
$
|
7,841
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Allowance Balance
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
-
|
$
|
130
|
$
|
26
|
$
|
-
|
$
|
200
|
$
|
-
|
$
|
356
|
||||||||||||||
Collectively evaluated for impairment
|
1,367
|
262
|
3,534
|
5,046
|
437
|
129
|
10,775
|
|||||||||||||||||||||
Total
|
$
|
1,367
|
$
|
392
|
$
|
3,560
|
$
|
5,046
|
$
|
637
|
$
|
129
|
$
|
11,131
|
||||||||||||||
Gross Loans
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
-
|
$
|
1,128
|
$
|
5,124
|
$
|
26,281
|
$
|
1,948
|
$
|
-
|
$
|
34,481
|
||||||||||||||
Collectively evaluated for impairment
|
108,453
|
29,985
|
277,323
|
374,097
|
48,630
|
10,253
|
848,741
|
|||||||||||||||||||||
Total
|
$
|
108,453
|
$
|
31,113
|
$
|
282,447
|
$
|
400,378
|
$
|
50,578
|
$
|
10,253
|
$
|
883,222
|
||||||||||||||
December 31, 2019
|
||||||||||||||||||||||||||||
Allowance Balance
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
26
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
26
|
||||||||||||||
Collectively evaluated for impairment
|
782
|
378
|
2,999
|
2,887
|
642
|
132
|
7,820
|
|||||||||||||||||||||
Total
|
$
|
782
|
$
|
378
|
$
|
3,025
|
$
|
2,887
|
$
|
642
|
$
|
132
|
$
|
7,846
|
||||||||||||||
Gross Loans
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
5,841
|
$
|
2,750
|
$
|
2,527
|
$
|
-
|
$
|
11,118
|
||||||||||||||
Collectively evaluated for impairment
|
70,628
|
34,160
|
267,437
|
258,012
|
55,418
|
11,895
|
697,550
|
|||||||||||||||||||||
Total
|
$
|
70,628
|
$
|
34,160
|
$
|
273,278
|
$
|
260,762
|
$
|
57,945
|
$
|
11,895
|
$
|
708,668
|
• |
Grade 1 (Pass) – These loans generally conform to Bank policies, and are characterized by policy conforming advance rates on collateral, and have
well-defined repayment sources. In addition, these credits are extended to Borrowers and/or Guarantors with a strong balance sheet and either substantial liquidity or a reliable income history.
|
• |
Grade 2 (Watch) – These loans are still considered “Pass” credits; however, various factors such as industry stress, material changes in cash flow or financial conditions, or deficiencies in loan
documentation, or other risk issues determined by the Lending Officer, Commercial Loan Committee (CLC), or Credit Quality Committee (CQC) warrant a heightened sense and frequency of monitoring.
|
• |
Grade 3 (Special Mention) – These loans must have observable weaknesses or evidence of imprudent handling or structural issues. The weaknesses require close attention and the remediation of those
weaknesses is necessary. No risk of probable loss exists. Credits in this category are expected to quickly migrate to a “2” or a “4” as this is viewed as a transitory loan grade.
|
• |
Grade 4 (Substandard) – These loans are not adequately protected by the sound worth and debt service capacity of the Borrower, but may be well secured. They have defined weaknesses relative to cash
flow, collateral, financial condition, or other factors that might jeopardize repayment of all of the principal and interest on a timely basis. There is the possibility that a future loss will occur if weaknesses are not remediated.
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Grade
|
||||||||||||||||||||||||||||
1 (Pass)
|
$
|
108,453
|
$
|
29,209
|
$
|
264,337
|
$
|
352,477
|
$
|
48,630
|
$
|
10,253
|
$
|
813,359
|
||||||||||||||
2 (Watch)
|
-
|
776
|
9,988
|
11,662
|
-
|
-
|
22,426
|
|||||||||||||||||||||
3 (Special Mention)
|
-
|
-
|
2,998
|
9,958
|
-
|
-
|
12,956
|
|||||||||||||||||||||
4 (Substandard)
|
-
|
1,128
|
5,124
|
26,281
|
1,948
|
-
|
34,481
|
|||||||||||||||||||||
Total
|
$
|
108,453
|
$
|
31,113
|
$
|
282,447
|
$
|
400,378
|
$
|
50,578
|
$
|
10,253
|
$
|
883,222
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
December 31, 2019
|
||||||||||||||||||||||||||||
Grade
|
||||||||||||||||||||||||||||
1 (Pass)
|
$
|
70,628
|
$
|
33,622
|
$
|
267,437
|
$
|
241,176
|
$
|
53,290
|
$
|
11,895
|
$
|
678,048
|
||||||||||||||
2 (Watch)
|
-
|
538
|
-
|
5,312
|
-
|
-
|
5,850
|
|||||||||||||||||||||
3 (Special Mention)
|
-
|
-
|
-
|
11,524
|
2,128
|
-
|
13,652
|
|||||||||||||||||||||
4 (Substandard)
|
-
|
-
|
5,841
|
2,750
|
2,527
|
-
|
11,118
|
|||||||||||||||||||||
Total
|
$
|
70,628
|
$
|
34,160
|
$
|
273,278
|
$
|
260,762
|
$
|
57,945
|
$
|
11,895
|
$
|
708,668
|
Past Due
|
Total Loans
|
|||||||||||||||||||||||||||
30–59
|
60–89
|
Greater than
|
Total
|
> 90 Days &
|
||||||||||||||||||||||||
Days
|
Days
|
90 Days
|
Total
|
Current
|
Loans
|
Accruing
|
||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
108,453
|
$
|
108,453
|
$
|
-
|
||||||||||||||
1 - 4 Family Real Estate
|
-
|
-
|
-
|
-
|
31,113
|
31,113
|
-
|
|||||||||||||||||||||
Commercial Real Estate - other
|
-
|
1,957
|
-
|
1,957
|
280,490
|
282,447
|
-
|
|||||||||||||||||||||
Commercial & industrial
|
920
|
7,071
|
-
|
7,991
|
392,387
|
400,378
|
-
|
|||||||||||||||||||||
Agricultural
|
-
|
1,948
|
-
|
1,948
|
48,630
|
50,578
|
-
|
|||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
10,253
|
10,253
|
-
|
|||||||||||||||||||||
Total
|
$
|
920
|
$
|
10,976
|
$
|
-
|
$
|
11,896
|
$
|
871,326
|
$
|
883,222
|
$
|
-
|
||||||||||||||
December 31, 2019
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
70,628
|
$
|
70,628
|
$
|
-
|
||||||||||||||
1 - 4 Family Real Estate
|
-
|
-
|
-
|
-
|
34,160
|
34,160
|
-
|
|||||||||||||||||||||
Commercial Real Estate - other
|
-
|
-
|
-
|
-
|
273,278
|
273,278
|
-
|
|||||||||||||||||||||
Commercial & industrial
|
-
|
-
|
14
|
14
|
260,748
|
260,762
|
14
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
598
|
598
|
57,347
|
57,945
|
598
|
|||||||||||||||||||||
Consumer
|
90
|
-
|
-
|
90
|
11,805
|
11,895
|
-
|
|||||||||||||||||||||
Total
|
$
|
90
|
$
|
-
|
$
|
612
|
$
|
702
|
$
|
707,966
|
$
|
708,668
|
$
|
612
|
|
Unpaid
Principal
Balance
|
Recorded
Investment
with No
Allowance
|
Recorded
Investment
with an
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||||||||||
|
Three Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2020
|
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||
1 - 4 Family Real Estate
|
1,128
|
-
|
1,128
|
1,128
|
130
|
1,133
|
15
|
3,732
|
47
|
|||||||||||||||||||||||||||
Commercial Real Estate - other
|
5,124
|
3,468
|
1,656
|
5,124
|
26
|
5,160
|
144
|
2,121
|
274
|
|||||||||||||||||||||||||||
Commercial & industrial
|
26,281
|
26,281
|
-
|
26,281
|
-
|
26,549
|
996
|
21,780
|
1,317
|
|||||||||||||||||||||||||||
Agricultural
|
1,948
|
-
|
1,948
|
1,948
|
200
|
2,681
|
(54
|
)
|
1,483
|
(13
|
)
|
|||||||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,590
|
-
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total
|
$
|
34,481
|
$
|
29,749
|
$
|
4,732
|
$
|
34,481
|
$
|
356
|
$
|
35,523
|
$
|
1,101
|
$
|
30,706
|
$
|
1,625
|
December 31, 2019
|
Three Months Ended
September 30, 2019
|
Nine Months Ended
September 30, 2019
|
||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||
1 - 4 Family Real Estate
|
-
|
-
|
-
|
-
|
-
|
3
|
-
|
277
|
-
|
|||||||||||||||||||||||||||
Commercial Real Estate - other
|
5,841
|
4,032
|
1,809
|
5,841
|
26
|
3,354
|
131
|
1,883
|
197
|
|||||||||||||||||||||||||||
Commercial & industrial
|
2,750
|
2,750
|
-
|
2,750
|
-
|
6,612
|
91
|
6,164
|
49
|
|||||||||||||||||||||||||||
Agricultural
|
2,527
|
1,744
|
-
|
1,744
|
-
|
2,421
|
(56
|
)
|
2,267
|
269
|
||||||||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
128
|
-
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total
|
$
|
11,118
|
$
|
8,526
|
$
|
1,809
|
$
|
10,335
|
$
|
26
|
$
|
12,390
|
$
|
166
|
$
|
10,719
|
$
|
515
|
As of
|
||||||||
September 30,
2020 |
December 31,
2019 |
|||||||
Nonaccrual loans
|
$
|
20,515
|
$
|
1,809
|
||||
Troubled-debt restructurings (1)
|
-
|
912
|
||||||
Accruing loans 90 or more days past due
|
-
|
612
|
||||||
Total nonperforming loans
|
$
|
20,515
|
$
|
3,333
|
||||
(1) $1.66 million and $1.81 million of TDRs as of September 30, 2020 and December 31, 2019, respectively, are
included in the nonaccrual loans balance in the line above.
|
Note 5: |
Shareholders’ Equity
|
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Number of shares repurchased
|
835,254
|
-
|
38,160
|
-
|
||||||||||||
Average price of shares repurchased
|
$
|
8.56
|
$
|
-
|
$
|
8.96
|
$
|
-
|
||||||||
Shares remaining to be repurchased
|
164,746
|
-
|
164,746
|
-
|
Actual
|
Minimum
Capital Requirements
|
With Capital
Conservation Buffer
|
Minimum
To Be Well Capitalized
Under Prompt
Corrective Action
|
|||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
As of September 30, 2020
|
||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
113,695
|
14.09
|
%
|
$
|
64,551
|
8.00
|
%
|
$
|
84,723
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
$
|
113,640
|
14.10
|
%
|
$
|
64,469
|
8.00
|
%
|
$
|
84,615
|
10.50
|
%
|
$
|
80,586
|
10.00
|
%
|
||||||||||||||||
Tier I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
103,596
|
12.84
|
%
|
$
|
48,413
|
6.00
|
%
|
$
|
68,585
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
$
|
103,554
|
12.85
|
%
|
$
|
48,352
|
6.00
|
%
|
$
|
68,498
|
8.50
|
%
|
$
|
64,469
|
8.00
|
%
|
||||||||||||||||
CET I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
103,596
|
12.84
|
%
|
$
|
36,310
|
4.50
|
%
|
$
|
56,482
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
$
|
103,554
|
12.85
|
%
|
$
|
36,264
|
4.50
|
%
|
$
|
56,410
|
7.00
|
%
|
$
|
52,381
|
6.50
|
%
|
||||||||||||||||
Tier I capital to average assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
103,596
|
10.72
|
%
|
$
|
38,672
|
4.00
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||||
Bank
|
$
|
103,554
|
10.72
|
%
|
$
|
38,632
|
4.00
|
%
|
N/A
|
N/A
|
$
|
48,289
|
5.00
|
%
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||
As of December 31, 2019
|
||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
105,137
|
15.25
|
%
|
$
|
55,157
|
8.00
|
%
|
$
|
72,393
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
$
|
106,148
|
15.42
|
%
|
$
|
55,076
|
8.00
|
%
|
$
|
72,287
|
10.50
|
%
|
$
|
68,845
|
10.00
|
%
|
||||||||||||||||
Tier I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
97,291
|
14.11
|
%
|
$
|
41,368
|
6.00
|
%
|
$
|
58,604
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
$
|
98,302
|
14.28
|
%
|
$
|
41,307
|
6.00
|
%
|
$
|
58,518
|
8.50
|
%
|
$
|
55,076
|
8.00
|
%
|
||||||||||||||||
CET I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
97,291
|
14.11
|
%
|
$
|
31,026
|
4.50
|
%
|
$
|
48,262
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
$
|
98,302
|
14.28
|
%
|
$
|
30,980
|
4.50
|
%
|
$
|
48,192
|
7.00
|
%
|
$
|
44,749
|
6.50
|
%
|
||||||||||||||||
Tier I capital to average assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
97,291
|
11.53
|
%
|
$
|
33,833
|
4.00
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||||
Bank
|
$
|
98,302
|
11.65
|
%
|
$
|
33,793
|
4.00
|
%
|
N/A
|
N/A
|
$
|
42,241
|
5.00
|
%
|
Capital Conservation Buffer
(as a % of risk-weighted assets) |
|
Maximum Payout
(as a % of eligible retained income) |
Greater than 2.5%
|
|
No payout limitations applies
|
≤2.5% and >1.875%
|
|
60%
|
≤1.875% and >1.25%
|
|
40%
|
≤1.25% and >0.625%
|
|
20%
|
≤0.625%
|
|
0%
|
Note 6: |
Related-Party Transactions
|
Balance
Beginning of
the Period
|
Additions
|
Collections/
Terminations
|
Balance
End of
the Period
|
|||||||||||||
|
||||||||||||||||
Nine months ended September 30, 2020
|
$
|
1,055
|
$
|
-
|
$
|
(1,055
|
)
|
$
|
-
|
|||||||
Year ended December 31, 2019
|
$
|
6,897
|
$
|
2,613
|
$
|
(8,455
|
)
|
$
|
1,055
|
Note 7: |
Employee Benefits
|
|
Options
|
Wgtd. Avg. Exercise
Price
|
Wgtd. Avg.
Remaining
Contractual Term
|
Aggregate
Intrinsic
Value
|
||||||||||||
Nine Months Ended September 30, 2020
|
||||||||||||||||
Outstanding at December 31, 2019
|
163,000
|
$
|
18.75
|
|||||||||||||
Options Granted
|
26,500
|
18.49
|
||||||||||||||
Options Exercised
|
-
|
-
|
||||||||||||||
Options Forfeited
|
(4,250
|
)
|
17.73
|
|||||||||||||
Outstanding at September 30, 2020
|
185,250
|
18.73
|
8.19
|
$
|
0
|
|||||||||||
Exercisable at September 30, 2020
|
75,625
|
18.88
|
8.00
|
$
|
0
|
|
Nine Months Ended
|
|||||||
|
September 30, 2020
|
September 30, 2019
|
||||||
Risk-free interest rate
|
1.71
|
%
|
2.48
|
%
|
||||
Dividend yield
|
2.20
|
%
|
2.20
|
%
|
||||
Stock price volatility
|
41.27
|
%
|
31.14
|
%
|
||||
Expected term
|
7.51
|
7.01
|
|
Number of
Shares
|
Wgtd. Avg. Grant
Date Fair Value
|
||||||
Outstanding at December 31, 2019
|
104,000
|
$
|
19.09
|
|||||
Shares granted
|
31,000
|
18.49
|
||||||
Shares settled
|
26,000
|
19.09
|
||||||
Shares forfeited
|
(1,000
|
)
|
18.49
|
|||||
End of the period balance
|
108,000
|
$
|
18.92
|
Note 8: |
Disclosures About Fair Value of Assets and Liabilities
|
Level 1 |
Quoted prices in active markets for identical assets or liabilities
|
Level 2 |
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities
|
Level 3 |
Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities
|
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
|
||||||||||||||||
September 30, 2020
|
||||||||||||||||
Impaired loans (collateral- dependent)
|
$
|
4,376
|
$
|
-
|
$
|
-
|
$
|
4,376
|
||||||||
December 31, 2019
|
||||||||||||||||
Impaired loans (collateral- dependent)
|
$
|
1,783
|
$
|
-
|
$
|
-
|
$
|
1,783
|
Valuation
|
Unobservable
|
Weighted-
|
|||||||||
Fair Value
|
Technique
|
Inputs
|
Average
|
||||||||
September 30, 2020
|
|
|
|||||||||
Collateral-dependent impaired loans
|
$
|
4,376
|
Appraisals from comparable properties
|
Estimated cost to sell
|
3-5
|
%
|
|||||
|
|
||||||||||
December 31, 2019
|
|
|
|||||||||
Collateral-dependent impaired loans
|
$
|
1,783
|
Appraisals from comparable properties
|
Estimated cost to sell
|
3-5
|
%
|
Carrying
|
Fair Value Measurements
|
|||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
September 30, 2020
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
60,718
|
$
|
60,718
|
$
|
-
|
$
|
-
|
$
|
60,718
|
||||||||||
Interest-bearing time deposits in other banks
|
$
|
23,384
|
$
|
-
|
$
|
23,384
|
$
|
-
|
$
|
23,384
|
||||||||||
Loans, net of allowance
|
$
|
869,448
|
$
|
-
|
$
|
864,956
|
$
|
4,376
|
$
|
869,332
|
||||||||||
Mortgage loans held for sale
|
$
|
315
|
$
|
-
|
$
|
315
|
$
|
-
|
$
|
315
|
||||||||||
Nonmarketable equity securities
|
$
|
1,165
|
$
|
-
|
$
|
1,165
|
$
|
-
|
$
|
1,165
|
||||||||||
Interest receivable
|
$
|
4,786
|
$
|
-
|
$
|
4,786
|
$
|
-
|
$
|
4,786
|
||||||||||
|
||||||||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
863,669
|
$
|
-
|
$
|
862,490
|
$
|
-
|
$
|
862,490
|
||||||||||
Interest payable
|
$
|
362
|
$
|
-
|
$
|
362
|
$
|
-
|
$
|
362
|
||||||||||
|
||||||||||||||||||||
December 31, 2019
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
117,128
|
$
|
117,128
|
$
|
-
|
$
|
-
|
$
|
117,128
|
||||||||||
Interest-bearing time deposits in other banks
|
$
|
30,147
|
$
|
-
|
$
|
30,147
|
$
|
-
|
$
|
30,147
|
||||||||||
Loans, net of allowance
|
$
|
699,458
|
$
|
-
|
$
|
698,672
|
$
|
1,809
|
$
|
700,481
|
||||||||||
Mortgage loans held for sale
|
$
|
1,031
|
$
|
-
|
$
|
1,031
|
$
|
-
|
$
|
1,031
|
||||||||||
Nonmarketable equity securities
|
$
|
1,100
|
$
|
-
|
$
|
1,100
|
$
|
-
|
$
|
1,100
|
||||||||||
Interest receivable
|
$
|
3,954
|
$
|
-
|
$
|
3,954
|
$
|
-
|
$
|
3,954
|
||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
757,483
|
$
|
-
|
$
|
757,520
|
$
|
-
|
$
|
757,520
|
||||||||||
Interest payable
|
$
|
636
|
$
|
-
|
$
|
636
|
$
|
-
|
$
|
636
|
Note 9: |
Financial Instruments with Off-Balance Sheet Risk
|
|
September 30,
|
December 31,
|
||||||
|
2020
|
2019
|
||||||
|
||||||||
Commitments to extend credit
|
$
|
191,479
|
$
|
191,459
|
||||
Financial and performance standby letters of credit
|
860
|
3,338
|
||||||
|
||||||||
|
$
|
192,339
|
$
|
194,797
|
Note 10: |
Significant Estimates and Concentrations
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Loan interest income (excluding loan fees)
|
||||||||||||||||
Total loan interest income, including loan fee income
|
$
|
12,777
|
$
|
12,179
|
$
|
39,268
|
$
|
35,902
|
||||||||
Loan fee income
|
(1,078
|
)
|
(841
|
)
|
(3,969
|
)
|
(3,498
|
)
|
||||||||
Loan interest income excluding loan fee income
|
$
|
11,699
|
$
|
11,338
|
$
|
35,299
|
$
|
32,404
|
||||||||
Average total loans
|
$
|
847,076
|
$
|
651,186
|
$
|
807,134
|
$
|
617,398
|
||||||||
Yield on loans (including loan fee income)
|
6.00
|
%
|
7.42
|
%
|
6.50
|
%
|
7.77
|
%
|
||||||||
Yield on loans (excluding loan fee income)
|
5.49
|
%
|
6.91
|
%
|
5.84
|
%
|
7.02
|
%
|
||||||||
Net interest margin (excluding loan fees)
|
||||||||||||||||
Net interest income
|
$
|
11,601
|
$
|
10,600
|
$
|
34,962
|
$
|
31,536
|
||||||||
Loan fee income
|
(1,078
|
)
|
(841
|
)
|
(3,969
|
)
|
(3,498
|
)
|
||||||||
Net interest income excluding loan fees
|
$
|
10,523
|
$
|
9,759
|
$
|
30,993
|
$
|
28,038
|
||||||||
Average earning assets
|
$
|
959,658
|
$
|
797,667
|
$
|
929,410
|
$
|
773,752
|
||||||||
Net interest margin (including loan fee income)
|
4.81
|
%
|
5.27
|
%
|
5.02
|
%
|
5.45
|
%
|
||||||||
Net interest margin (excluding loan fee income)
|
4.36
|
%
|
4.85
|
%
|
4.45
|
%
|
4.84
|
%
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Pre-tax, pre-provision net earnings
|
||||||||||||||||
Net income (loss) before income taxes
|
$
|
6,101
|
$
|
(4,963
|
)
|
$
|
19,567
|
$
|
8,688
|
|||||||
Plus: Provision for loan losses
|
(1,250
|
)
|
-
|
(3,300
|
)
|
-
|
||||||||||
Pre-tax, pre-provision net earnings
|
$
|
7,351
|
$
|
(4,963
|
)
|
$
|
22,867
|
$
|
8,688
|
|||||||
Ratios
|
||||||||||||||||
Net income (loss) (numerator)
|
$
|
4,440
|
$
|
(6,519
|
)
|
$
|
14,527
|
$
|
3,723
|
|||||||
Average assets (denominator)
|
$
|
967,044
|
$
|
806,440
|
$
|
937,849
|
$
|
782,694
|
||||||||
Return on average assets
|
1.83
|
%
|
-3.21
|
%
|
2.07
|
%
|
0.64
|
%
|
||||||||
Average shareholders’ equity (denominator)
|
$
|
102,929
|
$
|
100,012
|
$
|
101,377
|
$
|
95,655
|
||||||||
Return on average shareholders’ equity
|
17.16
|
%
|
-25.86
|
%
|
19.14
|
%
|
5.20
|
%
|
||||||||
Average tangible common equity (denominator)
|
$
|
101,269
|
$
|
98,145
|
$
|
99,667
|
$
|
93,736
|
||||||||
Return on average tangible common equity
|
17.44
|
%
|
-26.35
|
%
|
19.47
|
%
|
5.31
|
%
|
||||||||
Per share data
|
||||||||||||||||
Weighted average common shares outstanding basic (denominator)
|
9,228,128
|
10,149,007
|
9,483,540
|
10,174,528
|
||||||||||||
Net income per common share--basic
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
|||||||
Weighted average common shares outstanding diluted (denominator)
|
9,228,128
|
10,161,778
|
9,483,540
|
10,176,360
|
||||||||||||
Net income per common share--diluted
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
September 30,
|
||||||||
(Dollars in thousands, except per share data)
|
2020
|
2019
|
||||||
Tangible shareholders’ equity
|
||||||||
Total shareholders’ equity
|
$
|
105,230
|
$
|
100,615
|
||||
Less: Goodwill and other intangibles
|
(1,634
|
)
|
(1,840
|
)
|
||||
Tangible shareholders’ equity
|
$
|
103,596
|
$
|
98,775
|
||||
Tangible assets
|
||||||||
Total assets
|
$
|
973,354
|
$
|
826,349
|
||||
Less: Goodwill and other intangibles
|
(1,634
|
)
|
(1,840
|
)
|
||||
Tangible assets
|
$
|
971,720
|
$
|
824,509
|
||||
Tangible shareholders’ equity
|
||||||||
Tangible shareholders’ equity (numerator)
|
$
|
103,596
|
$
|
98,775
|
||||
Tangible assets (denominator)
|
$
|
971,720
|
$
|
824,509
|
||||
Tangible common equity to tangible assets
|
10.66
|
%
|
11.98
|
%
|
||||
End of period common shares outstanding
|
9,241,689
|
10,057,506
|
||||||
Book value per share
|
$
|
11.39
|
$
|
10.00
|
||||
Tangible book value per share
|
$
|
11.21
|
$
|
9.82
|
||||
Total shareholders’ equity to total assets
|
10.81
|
%
|
12.18
|
%
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
$
|
145,147
|
$
|
888
|
2.43
|
%
|
||||||||||||
Investment securities(2)
|
1,138
|
2
|
0.70
|
1,069
|
4
|
1.48
|
||||||||||||||||||
Loans held for sale
|
425
|
—
|
0.00
|
265
|
—
|
0.00
|
||||||||||||||||||
Total loans(3)
|
847,076
|
12,777
|
6.00
|
651,186
|
12,179
|
7.42
|
||||||||||||||||||
Total interest-earning assets
|
959,658
|
12,926
|
5.36
|
797,667
|
13,071
|
6.50
|
||||||||||||||||||
Noninterest-earning assets
|
7,386
|
8,773
|
||||||||||||||||||||||
Total assets
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
381,572
|
545
|
0.57
|
%
|
$
|
287,241
|
1,234
|
1.70
|
%
|
||||||||||||||
Time deposits
|
200,961
|
780
|
1.54
|
220,935
|
1,237
|
2.22
|
||||||||||||||||||
Total interest-bearing deposits
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
Total interest-bearing liabilities
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
276,219
|
193,785
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
5,363
|
4,467
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
281,582
|
198,252
|
||||||||||||||||||||||
Shareholders’ equity
|
102,929
|
100,012
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
Net interest income including loan fee income
|
$
|
11,601
|
$
|
10,600
|
||||||||||||||||||||
Net interest spread including loan fee income(4)
|
4.45
|
%
|
4.57
|
%
|
||||||||||||||||||||
Net interest margin including loan fee income
|
4.81
|
%
|
5.27
|
%
|
(2) |
Includes income and average balances for FHLB and FRB stock.
|
(3) |
Non-accrual loans are included in loans.
|
(4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
- |
Interest income on short term investments totaled $147,000 as compared to $888,000, a decrease of $741,000 or 83.4% which was attributable to a $34.1 million decrease, or 23.5%, in average balances of interest
bearing deposits at other financial institutions and a decrease in yield of 190 basis points, or 78.2%.
|
- |
Total interest income on loans, including loan fee income, increased $598,000 or 4.9% to $12.8 million which was attributable to a $195.9 million increase in average total loans to $847.1 million, as compared
with average loans of $651.2 million for the third quarter of 2019.
|
- |
Loan fees totaled $1.1 million, an increase of $237,000 or 28.2%.
|
- |
Yield on interest earning assets totaled 5.36%, a decrease of 114 basis points or 17.5%, compared to yield on interest earning assets of 6.50% for the third quarter of 2019; and
|
- |
Net interest margin for the third quarter of 2020 was 4.81% compared to 5.27% for the third quarter of 2019.
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
$
|
155,073
|
$
|
2,785
|
2.40
|
%
|
||||||||||||
Investment securities(2)
|
1,109
|
21
|
2.53
|
1,062
|
27
|
3.40
|
||||||||||||||||||
Loans held for sale
|
258
|
—
|
0.00
|
219
|
—
|
0.00
|
||||||||||||||||||
Total loans(3)
|
807,134
|
39,268
|
6.50
|
617,398
|
35,902
|
7.77
|
||||||||||||||||||
Total interest-earning assets
|
929,410
|
39,990
|
5.75
|
773,752
|
38,714
|
6.69
|
||||||||||||||||||
Noninterest-earning assets
|
8,439
|
8,942
|
||||||||||||||||||||||
Total assets
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
366,162
|
2,259
|
0.82
|
%
|
$
|
289,306
|
3,924
|
1.81
|
%
|
||||||||||||||
Time deposits
|
208,650
|
2,769
|
1.77
|
206,575
|
3,254
|
2.11
|
||||||||||||||||||
Total interest-bearing deposits
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
Total interest-bearing liabilities
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
256,429
|
186,379
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
5,231
|
4,779
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
261,660
|
191,158
|
||||||||||||||||||||||
Shareholders’ equity
|
101,377
|
95,655
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
Net interest income including loan fee income
|
$
|
34,962
|
$
|
31,536
|
||||||||||||||||||||
Net interest spread including loan fee income(4)
|
4.58
|
%
|
4.75
|
%
|
||||||||||||||||||||
Net interest margin including loan fee income
|
5.02
|
%
|
5.45
|
%
|
(2) |
Includes income and average balances for FHLB and FRB stock.
|
(3) |
Non-accrual loans are included in loans.
|
(4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
- |
Interest income on short term investments totaled $701,000 as compared to $2.8 million, a decrease of $2.1 million or 74.8% which was attributable to a $34.2 million decrease, or 22.0%, in average balances of
interest bearing deposits at other financial institutions and a decrease in yield of 163 basis points, or 67.9%.
|
- |
Total interest income on loans, including loan fee income, increased $3.4 million or 9.4% to $39.3 million which was attributable to a $189.7 million increase in average total loans to $807.1 million, as
compared with average total loans of $617.4 million for the third quarter of 2019.
|
- |
Loan fees totaled $4.0 million, an increase of $471,000 or 13.5%.
|
- |
Yield on interest earning assets totaled 5.75%, a decrease of 94 basis points or 14.1%, compared to yield on interest earning assets of 6.69% for the same period in 2019; and
|
- |
Net interest margin for the first nine months of 2020 was 5.02% compared to 5.45% for the same period in 2019.
|
Net Interest Margin Excluding Loan Fee Income
|
||||||||||||||||||||||||
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
$
|
145,147
|
$
|
888
|
2.43
|
%
|
||||||||||||
Investment securities(2)
|
1,138
|
2
|
0.70
|
1,069
|
4
|
1.48
|
||||||||||||||||||
Loans held for sale
|
425
|
—
|
0.00
|
265
|
—
|
0.00
|
||||||||||||||||||
Total loans(3)
|
847,076
|
11,699
|
5.49
|
651,186
|
11,338
|
6.91
|
||||||||||||||||||
Total interest-earning assets
|
959,658
|
11,848
|
4.91
|
797,667
|
12,230
|
6.08
|
||||||||||||||||||
Noninterest-earning assets
|
7,386
|
8,773
|
||||||||||||||||||||||
Total assets
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
381,572
|
545
|
0.57
|
%
|
$
|
287,241
|
1,234
|
1.70
|
%
|
||||||||||||||
Time deposits
|
200,961
|
780
|
1.54
|
220,935
|
1,237
|
2.22
|
||||||||||||||||||
Total interest-bearing deposits
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
Total interest-bearing liabilities
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
276,219
|
193,785
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
5,363
|
4,467
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
281,582
|
198,252
|
||||||||||||||||||||||
Shareholders’ equity
|
102,929
|
100,012
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
Net interest income excluding loan fee income
|
$
|
10,523
|
$
|
9,579
|
||||||||||||||||||||
Net interest spread excluding loan fee income(4)
|
4.01
|
%
|
4.15
|
%
|
||||||||||||||||||||
Net interest margin excluding loan fee income
|
4.36
|
%
|
4.85
|
%
|
(1) |
Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.
|
(2) |
Includes income and average balances for FHLB and FRB stock.
|
(3) |
Non-accrual loans are included in loans.
|
(4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
- |
Interest income on short term investments totaled $147,000 as compared to $888,000, a decrease of $741,000 or 83.4% which was attributable to a $34.1 million decrease, or 23.5%, in average balances of interest
bearing deposits at other financial institutions and a decrease in yield of 190 basis points, or 78.2%.
|
- |
Total interest income on loans, excluding loan fee income, increased $361,000 or 3.2% to $11.7 million which was attributable to a $195.9 million increase in average total loans to $847.1 million as compared
with average total loans of $651.2 million for the third quarter of 2019.
|
- |
Yield on interest-earning assets, excluding loan fee income, totaled 4.91%, a decrease of 117 basis points or 19.2%, compared to yield on interest-earning assets excluding fee income of 6.08% for the third
quarter of 2019, and
|
- |
Net interest margin, excluding loan fee income, totaled 4.36%, a decrease of 49 basis points or 10.1%, compared to net interest margin excluding loan fee income of 4.85% for the third quarter of 2019.
|
Net Interest Margin Excluding Loan Fee Income
|
||||||||||||||||||||||||
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
$
|
155,073
|
$
|
2,785
|
2.40
|
%
|
||||||||||||
Investment securities(2)
|
1,109
|
21
|
2.53
|
1,062
|
27
|
3.40
|
||||||||||||||||||
Loans held for sale
|
258
|
—
|
0.00
|
219
|
—
|
0.00
|
||||||||||||||||||
Total loans(3)
|
807,134
|
35,299
|
5.84
|
617,398
|
32,404
|
7.02
|
||||||||||||||||||
Total interest-earning assets
|
929,410
|
36,021
|
5.18
|
773,752
|
35,216
|
6.09
|
||||||||||||||||||
Noninterest-earning assets
|
8,439
|
8,942
|
||||||||||||||||||||||
Total assets
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
366,162
|
2,259
|
0.82
|
%
|
$
|
289,306
|
3,924
|
1.81
|
%
|
||||||||||||||
Time deposits
|
208,650
|
2,769
|
1.77
|
206,575
|
3,254
|
2.11
|
||||||||||||||||||
Total interest-bearing deposits
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
Total interest-bearing liabilities
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
256,429
|
186,379
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
5,231
|
4,779
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
261,660
|
191,158
|
||||||||||||||||||||||
Shareholders’ equity
|
101,377
|
95,655
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
Net interest income excluding loan fee income
|
$
|
30,993
|
$
|
28,038
|
||||||||||||||||||||
Net interest spread excluding loan fee income(4)
|
4.01
|
%
|
4.15
|
%
|
||||||||||||||||||||
Net interest margin excluding loan fee income
|
4.45
|
%
|
4.84
|
%
|
(1) |
Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.
|
(2) |
Includes income and average balances for FHLB and FRB stock.
|
(3) |
Non-accrual loans are included in loans.
|
(4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
- |
Interest income on short term investments totaled $701,000 as compared to $2.8 million, a decrease of $2.1 million or 74.8% which was attributable to a $34.2 million decrease, or 22.0%, in average balances of
interest bearing deposits at other financial institutions and a decrease in yield of 163 basis points, or 67.9%.
|
- |
Total interest income on loans, excluding loan fee income, increased $2.9 million or 8.9% to $35.3 million which was attributable to a $189.7 million increase in average total loans to $807.1 million as
compared with the average total loans of $617.4 million for the third quarter of 2019.
|
- |
Yield on interest-earning assets, excluding loan fee income, totaled 5.18%, a decrease of 91 basis points or 14.9%, compared to yield on interest-earning assets excluding fee income of 6.09% for the same period
in 2019; and
|
- |
Net interest margin, excluding loan fee income, for the first nine months of 2020 was 4.45% compared to 4.84% for the same period in 2019.
|
Analysis of Changes in Interest Income and
Expenses Including Loan Fee Income
|
||||||||||||
For the Three Months Ended
September 30, 2020 over 2019
|
||||||||||||
Change due to:
|
||||||||||||
Volume(1)
|
Rate(1)
|
Interest
Variance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Increase (decrease) in interest income:
|
||||||||||||
Short-term investments
|
$
|
(208
|
)
|
$
|
(533
|
)
|
$
|
(741
|
)
|
|||
Investment securities
|
-
|
(2
|
)
|
(2
|
)
|
|||||||
Total loans
|
3,654
|
(3,056
|
)
|
598
|
||||||||
Total increase in interest income
|
3,446
|
(3,591
|
)
|
(145
|
)
|
|||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits
|
||||||||||||
Transaction accounts
|
404
|
(1,093
|
)
|
(689
|
)
|
|||||||
Time deposits
|
(112
|
)
|
(345
|
)
|
(457
|
)
|
||||||
Total interest-bearing deposits
|
293
|
(1,439
|
)
|
(1,146
|
)
|
|||||||
Total increase in interest expense
|
293
|
(1,439
|
)
|
(1,146
|
)
|
|||||||
Increase (Decrease) in net interest income
|
$
|
3,153
|
$
|
(2,152
|
)
|
$
|
1,001
|
Analysis of Changes in Interest Income and
Expenses Including Loan Fee Income
|
||||||||||||
For the Nine Months Ended
September 30, 2020 over 2019
|
||||||||||||
Change due to:
|
||||||||||||
Volume(1)
|
Rate(1)
|
Interest
Variance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Increase (decrease) in interest income:
|
||||||||||||
Short-term investments
|
$
|
(1,096
|
)
|
$
|
(988
|
)
|
$
|
(2,084
|
)
|
|||
Investment securities
|
2
|
(8
|
)
|
(6
|
)
|
|||||||
Total loans
|
19,704
|
(16,338
|
)
|
3,366
|
||||||||
Total increase in interest income
|
18,611
|
(17,335
|
)
|
1,276
|
||||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits
|
||||||||||||
Transaction accounts
|
1,862
|
(3,527
|
)
|
(1,665
|
)
|
|||||||
Time deposits
|
58
|
(543
|
)
|
(485
|
)
|
|||||||
Total interest-bearing deposits
|
1,920
|
(4,070
|
)
|
(2,150
|
)
|
|||||||
Total increase in interest expense
|
1,920
|
(4,070
|
)
|
(2,150
|
)
|
|||||||
Increase (Decrease) in net interest income
|
$
|
16,691
|
$
|
(13,265
|
)
|
$
|
3,426
|
(1) |
Variances attributable to both volume and rate are allocated on a consistent basis between rate and volume based on the absolute value of the variances in each category.
|
For the Three Months Ended
September 30,
|
||||||||||||||||
2020
|
2019
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest income:
|
||||||||||||||||
Secondary market income
|
$
|
57
|
$
|
69
|
$
|
(12
|
)
|
-17.39
|
%
|
|||||||
Service charges on deposit accounts
|
104
|
110
|
(6
|
)
|
-5.45
|
|||||||||||
Other income and fees
|
173
|
330
|
(157
|
)
|
-47.58
|
|||||||||||
Total noninterest income
|
$
|
334
|
$
|
509
|
$
|
(175
|
)
|
-34.38
|
%
|
For the Nine Months Ended
September 30,
|
||||||||||||||||
2020
|
2019
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest income:
|
||||||||||||||||
Secondary market income
|
$
|
134
|
$
|
146
|
$
|
(12
|
)
|
-8.22
|
%
|
|||||||
Service charges on deposit accounts
|
318
|
279
|
39
|
13.98
|
||||||||||||
Other income and fees
|
513
|
602
|
(89
|
)
|
-14.78
|
|||||||||||
Total noninterest income
|
$
|
965
|
$
|
1,027
|
$
|
(62
|
)
|
-6.04
|
%
|
For the Three Months Ended
September 30,
|
||||||||||||||||
2020
|
2019
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
2,505
|
$
|
14,256
|
$
|
(11,751
|
)
|
(82.43
|
)%
|
|||||||
Furniture and equipment
|
224
|
229
|
(5
|
)
|
(2.18
|
)
|
||||||||||
Occupancy
|
543
|
436
|
107
|
24.54
|
||||||||||||
Data and item processing
|
276
|
276
|
-
|
-
|
||||||||||||
Accounting, marketing, and legal fees
|
135
|
218
|
(83
|
)
|
(38.07
|
)
|
||||||||||
Regulatory assessments
|
164
|
31
|
133
|
429.03
|
||||||||||||
Advertising and public relations
|
62
|
71
|
(9
|
)
|
(12.68
|
)
|
||||||||||
Travel, lodging and entertainment
|
50
|
153
|
(103
|
)
|
(67.32
|
)
|
||||||||||
Other expense
|
625
|
402
|
223
|
55.47
|
||||||||||||
Total noninterest expense
|
$
|
4,584
|
$
|
16,072
|
$
|
(11,488
|
)
|
(71.48
|
)%
|
For the Nine Months Ended
September 30,
|
||||||||||||||||
2020
|
2019
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
7,576
|
$
|
18,792
|
$
|
(11,216
|
)
|
(59.68
|
)%
|
|||||||
Furniture and equipment
|
658
|
606
|
52
|
8.58
|
||||||||||||
Occupancy
|
1,417
|
1,157
|
260
|
22.47
|
||||||||||||
Data and item processing
|
821
|
814
|
7
|
0.86
|
||||||||||||
Accounting, marketing, and legal fees
|
338
|
507
|
(169
|
)
|
(33.33
|
)
|
||||||||||
Regulatory assessments
|
281
|
94
|
187
|
198.94
|
||||||||||||
Advertising and public relations
|
360
|
349
|
11
|
3.15
|
||||||||||||
Travel, lodging and entertainment
|
146
|
287
|
(141
|
)
|
(49.13
|
)
|
||||||||||
Other expense
|
1,463
|
1,269
|
194
|
15.29
|
||||||||||||
Total noninterest expense
|
$
|
13,060
|
$
|
23,875
|
$
|
(10,815
|
)
|
(45.30
|
)%
|
As of September 30,
|
As of December 31,
|
|||||||||||||||
2020
|
2019
|
|||||||||||||||
Amount
|
% of Total
|
Amount
|
% of Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Construction & development
|
$
|
108,453
|
12.3
|
%
|
$
|
70,628
|
10.0
|
%
|
||||||||
1-4 family real estate
|
31,113
|
3.5
|
34,160
|
4.8
|
||||||||||||
Commercial real estate – other
|
282,447
|
32.0
|
273,278
|
38.5
|
||||||||||||
Total commercial real estate
|
422,013
|
47.8
|
378,066
|
53.3
|
||||||||||||
Commercial & industrial
|
400,378
|
45.3
|
260,762
|
36.8
|
||||||||||||
Agricultural
|
50,578
|
5.7
|
57,945
|
8.2
|
||||||||||||
Consumer
|
10,253
|
1.2
|
11,895
|
1.7
|
||||||||||||
Gross loans
|
883,222
|
100.0
|
%
|
708,668
|
100.0
|
%
|
||||||||||
Less unearned income, net
|
(2,643
|
)
|
(1,364
|
)
|
||||||||||||
Total loans
|
880,579
|
707,304
|
||||||||||||||
Allowance for loan and lease losses
|
(11,131
|
)
|
(7,846
|
)
|
||||||||||||
Net loans
|
$
|
869,448
|
$
|
699,458
|
As of September 30, 2020
|
||||||||||||||||||||||||||||
Due in One Year or Less
|
Due after One Year
Through Five Years
|
Due after Five Years
|
||||||||||||||||||||||||||
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
29
|
$
|
52,952
|
$
|
872
|
$
|
54,173
|
$
|
—
|
$
|
427
|
$
|
108,453
|
||||||||||||||
1-4 family commercial
|
116
|
15,471
|
5,121
|
9,691
|
40
|
674
|
31,113
|
|||||||||||||||||||||
Commercial real estate – other
|
876
|
53,982
|
48,216
|
174,398
|
312
|
4,663
|
282,447
|
|||||||||||||||||||||
Total commercial real estate
|
1,021
|
122,405
|
54,209
|
238,262
|
352
|
5,764
|
422,013
|
|||||||||||||||||||||
Commercial & industrial
|
27,236
|
181,286
|
28,209
|
157,104
|
11
|
6,532
|
400,378
|
|||||||||||||||||||||
Agricultural
|
5,358
|
29,863
|
2,811
|
11,149
|
62
|
1,335
|
50,578
|
|||||||||||||||||||||
Consumer
|
2,019
|
153
|
6,524
|
75
|
1,054
|
428
|
10,253
|
|||||||||||||||||||||
Gross loans
|
$
|
35,634
|
$
|
333,707
|
$
|
91,753
|
$
|
406,590
|
$
|
1,479
|
$
|
14,059
|
$
|
883,222
|
As of December 31, 2019
|
||||||||||||||||||||||||||||
Due in One Year or Less
|
Due after One Year
Through Five Years
|
Due after Five Years
|
||||||||||||||||||||||||||
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
—
|
$
|
31,860
|
$
|
833
|
$
|
37,483
|
$
|
—
|
$
|
452
|
$
|
70,628
|
||||||||||||||
1-4 family real estate
|
282
|
9,598
|
3,843
|
19,676
|
43
|
718
|
34,160
|
|||||||||||||||||||||
Commercial real estate - other
|
1,849
|
23,533
|
23,194
|
219,390
|
335
|
4,977
|
273,278
|
|||||||||||||||||||||
Total real estate
|
2,131
|
64,991
|
27,870
|
276,549
|
378
|
6,147
|
378,066
|
|||||||||||||||||||||
Commercial & industrial
|
11,677
|
176,329
|
9,973
|
54,233
|
12
|
8,538
|
260,762
|
|||||||||||||||||||||
Agricultural
|
3,947
|
34,875
|
2,786
|
13,055
|
1,319
|
1,963
|
57,945
|
|||||||||||||||||||||
Consumer
|
2,042
|
—
|
4,824
|
159
|
4,047
|
823
|
11,895
|
|||||||||||||||||||||
Gross loans
|
$
|
19,797
|
$
|
276,195
|
$
|
45,453
|
$
|
343,996
|
$
|
5,756
|
$
|
17,471
|
$
|
708,668
|
For the Nine Months Ended
|
||||||||
September 30,
2020
|
December 31,
2019
|
|||||||
(Dollars in thousands)
|
||||||||
Balance at beginning of the period
|
$
|
7,846
|
$
|
7,832
|
||||
Provision for loan losses
|
3,300
|
—
|
||||||
Charge-offs:
|
||||||||
Construction & development
|
—
|
—
|
||||||
1-4 family commercial
|
—
|
(2
|
)
|
|||||
Commercial real estate – other
|
—
|
—
|
||||||
Commercial & industrial
|
(39
|
)
|
(4
|
)
|
||||
Agricultural
|
—
|
(11
|
)
|
|||||
Consumer
|
(1
|
)
|
(1
|
)
|
||||
Total charge-offs
|
(40
|
)
|
(18
|
)
|
||||
Recoveries:
|
||||||||
Construction & development
|
—
|
—
|
||||||
1-4 family commercial
|
2
|
5
|
||||||
Commercial real estate – other
|
—
|
—
|
||||||
Commercial & industrial
|
13
|
24
|
||||||
Agricultural
|
10
|
3
|
||||||
Consumer
|
—
|
—
|
||||||
Total recoveries
|
25
|
32
|
||||||
Net recoveries (charge-offs)
|
(15
|
)
|
14
|
|||||
Balance at end of the period
|
$
|
11,131
|
$
|
7,846
|
As of September 30,
|
As of December 31,
|
|||||||||||||||
2020
|
2019
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Construction & development
|
$
|
1,367
|
12.28
|
%
|
$
|
782
|
9.97
|
%
|
||||||||
1-4 family commercial
|
392
|
3.52
|
378
|
4.82
|
||||||||||||
Commercial real estate - other
|
3,560
|
31.98
|
3,025
|
38.55
|
||||||||||||
Commercial & industrial
|
5,046
|
45.33
|
2,887
|
36.80
|
||||||||||||
Agricultural
|
637
|
5.73
|
642
|
8.18
|
||||||||||||
Consumer
|
129
|
1.16
|
132
|
1.68
|
||||||||||||
Total
|
$
|
11,131
|
100.0
|
%
|
$
|
7,846
|
100.0
|
%
|
As of
September 30,
|
As of
December
31,
|
|||||||
2020
|
2019
|
|||||||
(Dollars in thousands)
|
||||||||
Nonaccrual loans
|
$
|
20,515
|
$
|
1,809
|
||||
Troubled debt restructurings (1)
|
—
|
912
|
||||||
Accruing loans 90 or more days past due
|
—
|
612
|
||||||
Total nonperforming loans
|
20,515
|
3,333
|
||||||
Other real estate owned
|
—
|
—
|
||||||
Total nonperforming assets
|
$
|
20,515
|
$
|
3,333
|
||||
Ratio of nonperforming loans to total loans
|
2.33
|
%
|
0.47
|
%
|
||||
Ratio of nonperforming assets to total assets
|
2.11
|
%
|
0.38
|
%
|
(1) |
$1.66 million and $1.81 million of TDRs as of September 30, 2020 and December 31, 2019, respectively, are included in the nonaccrual loans balance in the line above
|
As of September 30, 2020
|
||||||||||||||||||||||||||||
Loans
30-59 days
past due
|
Loans
60-89 days
past due
|
Loans
90+ days
past due
|
Total
Loans 90+
days and
accruing
|
Total past
due
Loans
|
Current
|
Gross
Loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
108,453
|
$
|
108,453
|
||||||||||||||
1-4 family commercial
|
—
|
—
|
—
|
—
|
—
|
31,113
|
31,113
|
|||||||||||||||||||||
Commercial real estate - other
|
—
|
1,957
|
—
|
—
|
1,957
|
280,490
|
282,447
|
|||||||||||||||||||||
Commercial & industrial
|
920
|
7,071
|
—
|
—
|
7,991
|
392,387
|
400,378
|
|||||||||||||||||||||
Agricultural
|
—
|
1,948
|
—
|
—
|
1,948
|
48,630
|
50,578
|
|||||||||||||||||||||
Consumer
|
—
|
—
|
—
|
—
|
—
|
10,253
|
10,253
|
|||||||||||||||||||||
Total
|
$
|
920
|
$
|
10,976
|
$
|
—
|
$
|
—
|
$
|
11,896
|
$
|
871,326
|
$
|
883,222
|
As of December 31, 2019
|
||||||||||||||||||||||||||||
Loans
30-59 days
past due
|
Loans
60-89 days
past due
|
Loans
90+ days
past due
|
Total
Loans 90+
days and
accruing
|
Total past
due
Loans
|
Current
|
Gross
Loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
70,628
|
$
|
70,628
|
||||||||||||||
1-4 family commercial
|
—
|
—
|
—
|
—
|
—
|
34,160
|
34,160
|
|||||||||||||||||||||
Commercial real estate – other
|
—
|
—
|
—
|
—
|
—
|
273,278
|
273,278
|
|||||||||||||||||||||
Commercial & industrial
|
—
|
—
|
14
|
14
|
14
|
260,748
|
260,762
|
|||||||||||||||||||||
Agricultural
|
—
|
—
|
598
|
598
|
598
|
57,347
|
57,945
|
|||||||||||||||||||||
Consumer
|
90
|
—
|
—
|
—
|
90
|
11,805
|
11,895
|
|||||||||||||||||||||
Total
|
$
|
90
|
$
|
—
|
$
|
612
|
$
|
612
|
$
|
702
|
$
|
707,966
|
$
|
708,668
|
As of September 30, 2020
|
||||||||||||||||||||
Pass
|
Watch
|
Special mention
|
Substandard
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction & development
|
$
|
108,453
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
108,453
|
||||||||||
1-4 family commercial
|
29,209
|
776
|
—
|
1,128
|
31,113
|
|||||||||||||||
Commercial real estate – other
|
264,337
|
9,988
|
2,998
|
5,124
|
282,447
|
|||||||||||||||
Commercial & industrial
|
352,477
|
11,662
|
9,958
|
26,281
|
400,378
|
|||||||||||||||
Agricultural
|
48,630
|
—
|
—
|
1,948
|
50,578
|
|||||||||||||||
Consumer
|
10,253
|
—
|
—
|
—
|
10,253
|
|||||||||||||||
Total
|
$
|
813,359
|
$
|
22,426
|
$
|
12,956
|
$
|
34,481
|
$
|
883,222
|
As of December 31, 2019
|
||||||||||||||||||||
Pass
|
Watch
|
Special mention
|
Substandard
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction & development
|
$
|
70,628
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
70,628
|
||||||||||
1-4 family commercial
|
33,622
|
538
|
—
|
—
|
34,160
|
|||||||||||||||
Commercial real estate – other
|
267,437
|
—
|
—
|
5,841
|
273,278
|
|||||||||||||||
Commercial & industrial
|
241,176
|
5,312
|
11,524
|
2,750
|
260,762
|
|||||||||||||||
Agricultural
|
53,290
|
—
|
2,128
|
2,527
|
57,945
|
|||||||||||||||
Consumer
|
11,895
|
—
|
—
|
—
|
11,895
|
|||||||||||||||
Total
|
$
|
678,048
|
$
|
5,850
|
$
|
13,652
|
$
|
11,118
|
$
|
708,668
|
As of September 30, 2020
|
||||||||||||||||
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded Investment
|
Post-Modification
Outstanding
Recorded Investment
|
Specific Reserves
Allocated
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial real estate – other
|
1
|
$
|
1,656
|
$
|
1,656
|
$
|
26
|
|||||||||
Total
|
1
|
$
|
1,656
|
$
|
1,656
|
$
|
26
|
As of December 31, 2019
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial & industrial
|
1
|
$
|
1,809
|
$
|
1,809
|
$
|
26
|
|||||||||
Agricultural
|
2
|
912
|
912
|
—
|
||||||||||||
Total
|
3
|
$
|
2,721
|
$
|
2,721
|
$
|
26
|
As of September 30, 2020
|
As of December 31, 2019
|
|||||||||||||||
Number of
Contracts
|
Amount
|
Number of
Contracts
|
Amount
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Accrual
|
—
|
$
|
—
|
2
|
$
|
912
|
||||||||||
Nonaccrual
|
1
|
1,656
|
1
|
1,809
|
||||||||||||
Total
|
1
|
$
|
1,656
|
3
|
$
|
2,721
|
As of September 30,
|
As of December 31,
|
|||||||||||||||
2020
|
2019
|
|||||||||||||||
Amount
|
Percentage
of
Total
|
Amount
|
Percentage
of
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest-bearing demand
|
$
|
272,008
|
31.5
|
%
|
$
|
219,221
|
29.0
|
%
|
||||||||
Interest-bearing:
|
||||||||||||||||
NOW deposits
|
177,366
|
20.6
|
112,420
|
14.8
|
||||||||||||
Money market
|
172,852
|
20.0
|
150,554
|
19.9
|
||||||||||||
Savings deposits
|
57,928
|
6.7
|
72,750
|
9.6
|
||||||||||||
Time deposits (more than $100,000)
|
159,079
|
18.4
|
173,898
|
22.9
|
||||||||||||
Time deposits ($100,000 or less)
|
24,436
|
2.8
|
28,640
|
3.8
|
||||||||||||
Total interest-bearing
|
591,661
|
68.5
|
538,262
|
71.0
|
||||||||||||
Total deposits
|
$
|
863,669
|
100.0
|
%
|
$
|
757,483
|
100.0
|
%
|
For the Nine Months Ended
September 30,
|
For the Year Ended
December 31,
|
|||||||||||||||
2020
|
2019
|
|||||||||||||||
Average
Balance
|
Weighted
Average
Rate
|
Average
Balance
|
Weighted
Average
Rate
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest-bearing demand
|
$
|
256,429
|
0.00
|
%
|
$
|
192,562
|
0.00
|
%
|
||||||||
Interest-bearing:
|
||||||||||||||||
NOW
|
153,653
|
0.89
|
95,694
|
1.83
|
||||||||||||
Money market
|
152,092
|
0.84
|
132,265
|
1.83
|
||||||||||||
Savings
|
60,417
|
0.63
|
67,617
|
1.30
|
||||||||||||
Time
|
208,650
|
1.77
|
208,375
|
2.14
|
||||||||||||
Total interest-bearing
|
574,812
|
1.17
|
503,951
|
1.89
|
||||||||||||
Total deposits
|
$
|
831,241
|
0.81
|
%
|
$
|
696,513
|
1.37
|
%
|
As of September 30, 2020 Maturity Within:
|
||||||||||||||||||||
Three Months
|
Three to
Six Months
|
Six to
12 Months
|
After
12 Months
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Time deposits ($100,000 or less)
|
$
|
4,436
|
$
|
6,791
|
$
|
8,407
|
$
|
7,902
|
$
|
27,536
|
||||||||||
Time deposits (more than $100,000)
|
29,764
|
34,022
|
55,497
|
36,696
|
155,979
|
|||||||||||||||
Total time deposits
|
$
|
34,200
|
$
|
40,813
|
$
|
63,904
|
$
|
44,598
|
$
|
183,515
|
As of December 31, 2019 Maturity Within:
|
||||||||||||||||||||
Three Months
|
Three to
Six Months
|
Six to
12 Months
|
After
12 Months
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Time deposits ($100,000 or less)
|
$
|
6,998
|
$
|
5,024
|
$
|
8,387
|
$
|
8,231
|
$
|
28,640
|
||||||||||
Time deposits (more than $100,000)
|
52,048
|
34,126
|
49,700
|
38,024
|
173,898
|
|||||||||||||||
Total time deposits
|
$
|
59,046
|
$
|
39,150
|
$
|
58,087
|
$
|
46,255
|
$
|
202,538
|
Actual
|
With
Capital Conservation
Buffer
|
Minimum
To be Considered
“Well-Capitalized”
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of September 30, 2020:
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Company
|
$
|
113,695
|
14.09
|
%
|
$
|
84,723
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
Bank
|
113,640
|
14.10
|
84,615
|
10.50
|
80,586
|
10.00
|
%
|
|||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Company
|
103,596
|
12.84
|
68,585
|
8.50
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
103,554
|
12.85
|
68,498
|
8.50
|
64,469
|
8.00
|
||||||||||||||||||
CET 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Company
|
103,596
|
12.84
|
56,482
|
7.00
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
103,554
|
12.85
|
56,410
|
7.00
|
52,381
|
6.50
|
||||||||||||||||||
Tier 1 leverage ratio
|
||||||||||||||||||||||||
Company
|
103,596
|
10.72
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
103,554
|
10.72
|
N/A
|
N/A
|
48,289
|
5.00
|
Actual
|
With
Capital Conservation
Buffer
|
Minimum
To be Considered
“Well-Capitalized”
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of December 31, 2019:
|
||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||
Company
|
$
|
105,137
|
15.25
|
%
|
$
|
72,393
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
Bank
|
106,148
|
15.42
|
72,287
|
10.50
|
68,845
|
10.00
|
%
|
|||||||||||||||||
Tier 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Company
|
97,291
|
14.11
|
58,604
|
8.50
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
98,302
|
14.28
|
58,518
|
8.50
|
55,076
|
8.00
|
||||||||||||||||||
CET 1 capital to risk-weighted assets
|
||||||||||||||||||||||||
Company
|
97,291
|
14.11
|
48,262
|
7.00
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
98,302
|
14.28
|
48,192
|
7.00
|
44,749
|
6.50
|
||||||||||||||||||
Tier 1 leverage ratio
|
||||||||||||||||||||||||
Company
|
97,291
|
11.53
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
98,302
|
11.65
|
N/A
|
N/A
|
42,241
|
5.00
|
Payments Due as of September 30, 2020
|
||||||||||||||||||||
Within
One Year
|
One to
Three Years
|
Three to
Five Years
|
After
Five Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits without a stated maturity
|
$
|
680,154
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
680,154
|
||||||||||
Time deposits
|
138,917
|
43,633
|
965
|
—
|
183,515
|
|||||||||||||||
Borrowings
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Operating lease commitments
|
536
|
451
|
83
|
—
|
1,070
|
|||||||||||||||
Total contractual obligations
|
$
|
819,607
|
$
|
44,084
|
$
|
1,048
|
$
|
—
|
$
|
864,739
|
Payments Due as of December 31, 2019
|
||||||||||||||||||||
Within
One Year
|
One to
Three Years
|
Three to
Five Years
|
After
Five Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits without a stated maturity
|
$
|
554,945
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
554,945
|
||||||||||
Time deposits
|
156,283
|
44,310
|
1,945
|
—
|
202,538
|
|||||||||||||||
Borrowings
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||
Operating lease commitments
|
623
|
845
|
49
|
—
|
1,517
|
|||||||||||||||
Total contractual obligations
|
$
|
711,851
|
$
|
45,155
|
$
|
1,994
|
$
|
—
|
$
|
759,000
|
As of
September 30,
2020
|
As of
December 31,
2019
|
|||||||
(Dollars in thousands)
|
||||||||
Commitments to extend credit
|
$
|
191,479
|
$
|
191,459
|
||||
Standby letters of credit
|
860
|
3,338
|
||||||
Total
|
$
|
192,339
|
$
|
194,797
|
|
Number of Shares
Purchased
|
Average Price Paid Per Share
|
Number of Shares That May
Yet be Purchased Under the
Program
|
|||||||||
|
(Dollars in thousands, except per share data)
|
|||||||||||
January 1, 2020 to January 31, 2020
|
—
|
—
|
—
|
|||||||||
February 1, 2020 to February 29, 2020
|
—
|
—
|
—
|
|||||||||
March 1, 2020 to March 31, 2020
|
793,094
|
$
|
8.59
|
206,906
|
||||||||
April 1, 2020 to April 30, 2020
|
28,395
|
$
|
7.28
|
178,511
|
||||||||
May 1, 2020 to May 31, 2020
|
9,765
|
$
|
9.69
|
168,746
|
||||||||
June 1, 2020 to June 30, 2020
|
—
|
—
|
168,746
|
|||||||||
July 1, 2020 to July 31, 2020
|
—
|
—
|
168,746
|
|||||||||
August 1, 2020 to August 31, 2020
|
—
|
—
|
168,746
|
|||||||||
September 1, 2020 to September 30, 2020
|
4,000
|
$
|
8.96
|
164,746
|
||||||||
For the Nine Months Ended September 30, 2020
|
835,254
|
$
|
8.56
|
164,746
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
BANK7 CORP.
|
|||
DATED:
|
November 16, 2020
|
By: /s/ Thomas L. Travis
|
|
Thomas L. Travis
|
|||
President and Chief Executive Officer
|
|||
DATED:
|
November 16, 2020
|
By: /s/ Kelly J. Harris
|
|
Kelly J. Harris
|
|||
Senior Vice President and Chief Financial Officer
|